On 29 August 2025, ICBC Indonesia's President Director, Chen Yong, delivered a written statement asserting the company's commitment to fostering collaboration and knowledge exchange through the LCT & RMB Business Forum. This forum, organised by ICBC Indonesia, aims to facilitate constructive dialogue between regulators, business leaders, and the banking sector. The primary objective is to promote the adoption and utilisation of Local Currency Transactions (LCT) and Renminbi (RMB) in international trade, with a view to enhancing efficiency and promoting economic growth. Acceleration of LCT and RMB utilisation in relation to Indonesia-China cooperation is a topic under discussion. The LCT & RMB Business Forum agenda was created as a strategic platform to discuss the opportunities, challenges, and prospects of using LCT and RMB. The event featured speakers from Bank Indonesia, Romi Fondarihta Peranginangin, Deputy Director of the Forex Market Development Team at the Department of Financial Market Development of Bank Indonesia.
Chen Yong reiterated the bank's continuing commitment to support the initiatives of the governments and regulators of both countries. In particular, this involves expanding the use of LCT and enhancing the role of the RMB as one of the major currencies in international transactions. It is anticipated that this initiative will serve to consolidate economic relations between Indonesia and China, while concurrently contributing to the stability of the financial system in its entirety. It is anticipated that this forum will serve as a catalyst for increased economic cooperation. Concurrently, it will consolidate Indonesia's standing in the face of progressively multifaceted global dynamics. At present, there are 17 Indonesian appointed cross-currency dealers (ACCD) and 15 Chinese ACCD banks collaborating to support the development of Indonesia-China LCT. ICBC Indonesia is one of the banks appointed as an ACCD to facilitate the settlement of transactions in local currencies between Indonesia and China.
